Transcription

1 Ketchup BFSI Report Floater Insurance Avail full benefits once you settle down insurance is one of the largest growing sectors in the non-life insurance sector. Due to increasingly high medical costs and changing lifestyles of people which have lead to an array of lifestyle diseases that affect not only older people but the young generation as well, it becomes necessary for a person to invest in a health insurance plan. In the report that follows, we have compared 16 floater health insurance policies from the viewpoint of a person aged 25 30, with a spouse in the same age bracket and a child below five of age. The premise is that they are looking to buy a policy with coverage of five lakh rupees. Angela Arora, Consumer VOICE Financial Services Research Group (FSRG) While rating the features of the 16 policies, we have also taken into account findings from the study Assessment of Quality of Insurance Services in India (from consumer perspective) (published in September 2013 issue of Consumer Voice). The latter was based on the experiences of 3,300 consumers with insurance companies. floater is a policy that covers more than one family member for a fixed cover. The amount of sum insured floats over the entire family that is, the limit can be used by any member of the family and for any number of times. Thus, if a family of four take a cover of four lakh rupees, the entire family can claim up to four lakh rupees together. CONSUMER VOICE DECEMBER

2 BFSI Report When and why to buy a floater policy? A floater policy should be bought when you establish a family of your own. It will cost less than the individual policies if taken of all the members. When the family is young and has a low risk with respect to ailments, floater policy is suitable. It also provides access to a larger pool of funds as in case of hospitalization any individual family member can claim the whole of the floater sum. A total of 14 factors that covered the majority of the important factors influencing decision making were chosen. Weightage for each factor is as follows: 1) Premium (15%): Premium amount is the first thing that the consumer evaluates while buying policy. 2) Pre-/Post-hospitalization (5%): This refers to expenses covered some days before and after the hospitalization on tests, consultation, etc. 3) claim bonus/discount (5%): These are incentives provided by the company in case of a claim-free year. It varies from company to company. 4) Domiciliary expenses (3%): These are the expenses incurred in case the patient is being treated at home due to non-availability of beds in hospital or if the patient is not in a condition to be moved to a hospital. 5) Pre-existing diseases (5%): These are diseases that a person is already suffering from at the time of taking insurance. Different companies have different time limits to cover these. 6) Room rent/ charges (10%): There are capping by companies with regard to room rent and charges which should be kept in mind while buying insurance. 7) Free health checkups (2%): This feature is desired by insurance seekers and is provided by many companies, though under different conditions. 8) Day-care procedures (5%): Different companies have separate lists of day-care procedures approved for admission of a claim. 9) Organ donor expenses (5%): In case of an organ transplant, the cost of hospitalization of the donor is provided by the insurance policy the cost of organ is excluded, though. 10) n-allopathic treatment (5%): As we are looking for a comprehensive medical policy for the long run, we expect that it should also focus on alternative therapies of AYUSH (acronym for Ayurveda, yoga & naturopathy, Unani, Siddha and homoeopathy). 11) Maternity benefit (10%): It covers expenses incurred for childbirth or lawful termination of pregnancy while in the policy period. Only two such expenses in the entire life are permitted after specified waiting period is covered. 12) Maximum renewable age (10%): This criterion states up to what age the policy can be renewed. 13) Claim loading (10%): This criterion takes into consideration that some companies may increase the premium at the time of renewal if there is claim in the previous year. 14) Co-payment (10%): There is a certain percentage that must be paid by the insurer in the event of hospitalization. These 14 criteria have been rated and compared for each of the 16 brands. (See the chart The 14 Criteria for Comparing Insurance ) Best Buy ICICI Lombard Good Buys L&T Insurance IFFCO-TOKIO TATA AIG Religare FINDINGS TOP 5 BY PRODUCT FEATURES 1. ICICI Lombard (8.3/10) 2. L&T Insurance (8.19/10) 3. IFFCO-TOKIO (7.787/10) 4. Max Bupa (7.53/10) 5. TATA AIG (7.487/10) 34

3 Floater Ketchup Insurance TOP 5 BY ASSESSMENT OF QUALITY OF HEALTH INSURANCE SERVICES IN INDIA (FROM CONSUMER PERSPECTIVE) 1. ICICI Lombard (8.77/10) 2. New India Assurance Company (8.73/10) 3. Bajaj Allianz (8.66/10) 4. Star (8.56/10) 5. National Insurance (8.33/10) TOP 5 BY COMBINED SCORE (EQUAL WEIGHTAGE TO FEATURES AND QUALITY OF SERVICE) Best buy: ICICI Lombard (8.535/10) Good buys: 1. L&T (8.215/10) 2. IFFCO-TOKIO (8.0135/10) 3. TATA AIG (7.759/10) 4. Religare (7.745/10) MATERNITY BENEFITS COVERED BY 1. Max Bupa 2. ICICI Lombard 3. Star 4. L&T Insurance. 5. Apollo Munich 6. HDFC ERGO It is to be noted that these benefits may be given in specific plans or plans with specific coverages. COVERAGE OF NON-ALLOPATHIC TREATMENT 1. Oriental Insurance 2. New India Assurance 3. Tata AIG 4. Star 5. IFFCO-TOKIO 6. United India 7. Apollo Munich 8. L&T Insurance Downsides, Generally A floater policy provides cover only to your immediate family that is, your spouse and two COMPANIES NOT CHARGING A LOAD ON PREMIUM IN THE EVENT OF A CLAIM 1. Apollo Munich 2. Religare 3. TATA AIG 4. Reliance 5. Bajaj Allianz 6. Max Bupa 7. ICICI Lombard 8. IFFCO-TOKIO 9. L&T Insurance COMPANIES WITH LOWEST PREMIUM 1. IFFCO-TOKIO 2. Oriental Insurance 3. United India Iinsurance 4. National Insurance LOWEST NUMBER OF PROBLEMS REPORTED FROM 1. New India Assurance 2. ICICI Lombard 3. Oriental Insurance 4. Bajaj Allianz 5. Star dependent children. It does not include your parents even if they are living with you and dependent on you. The dependent children have to be covered separately once they reach the age of 23. They cannot claim under the family floater policy. The policy can be renewed only till the eldest member in the floater plan reaches maximum renewable age. After that, all members will have to buy a new policy without having the benefit of the waiting periods already covered in the floater policy. Floater policy is not advisable in case a person in the floater policy makes claims often as it would leave other members of the floater policy exposed to the risk. CONSUMER VOICE DECEMBER

6 BFSI Report Waiting Periods There are certain waiting periods in the policy which should be read carefully while purchasing a policy a) For a first-year policy, any claim from during the first 30 days from the date of cover is not admissible except for accidental claims, which are covered from day one. b) All pre-existing diseases are generally covered after three to four of continuous renewals (ask your service provider for more details). c) Certain diseases like cataract, congenital internal diseases, hernia, fistula in anus, piles, sinusitis and related disorders, surgery of gall bladder and bile duct excluding malignancy, hypertension, diabetes, surgery of varicose veins, etc., are not payable for the first two (ask your service provider for a complete list of diseases not covered). Exclusions Almost all the policies exclude the following from their cover: a) Circumcision unless for treatment of disease b) Cost of spectacles, contact lenses, hearing aids, etc. c) Dental treatment except in case of accident d) Cosmetic or aesthetic procedures e) Naturopathy f) Treatment relating to childbirth, pregnancy including caesarean section (except if specifically covered) g) Convalescence, general debility, congenital external defects, intentional self-injury, suicide, infertility/sub-fertility or assisted conception procedures, accidents due to misuse or abuse of drugs/alcohol or use of intoxicating substances h) Cost of organ (only hospitalization expenses of donor are covered) Claim Loading In case of a claim, many companies add a load to your premium that is, they increase your premium if you had made a claim in the previous policy year. However, some companies like Apollo Munich, Religare and Tata AIG do not charge any load to your premium in case of a previous claim. It is advisable that while buying a health insurance policy you ask the provider for clear terms for the claim loading. 38 Timely Renewal The policy is generally for a year and it is advisable to renew your policy on time as the benefits gained may otherwise be lost. Where policy is not renewed on time, the benefits accruing on the policy for noclaim bonus/ discount will be withdrawn as well as waiting period for specified diseases will start again. Some companies also offer a grace period in which you can renew the policy but it is advisable that renewal is made on or before due date as any claim made during the grace period may not be admissible. Grace period is the time given by companies after the due date for renewing policy without taking away the benefits accrued until then. Recommendations The best buy cannot be based only on the criteria listed above. The consumer should opt for a policy that also provides customer-friendly service. Therefore, we have given these factors equal weight (50:50) and computed their ratings. According to this weightage, ICICI Lombard Complete gives the best service and also has the best features, making it the best buy. The good buys are L&T Insurance, IFFCO-TOKIO, TATA AIG and Religare. However, it should be noted that the difference in ratings given is very narrow. A consumer may choose a policy that provides cover most suited to their needs. Also, while buying insurance, the consumer should check whether it provides comprehensive coverage of good hospitals in their city. Finally, an informed choice based on the best fit for one s needs makes all the difference.

BFSI Health Insurance for Women What, Why, and Which Experts believe that women utilize more medical services than men due in part to longer life expectancies, the need for reproductive care, and a greater

Is your insurance company listening to you? If your complaints have not been addressed by your insurance company, please contact to register your complaints and track their status or you may email us at

The unbelievable health plan. Unbelievable RESTORE BENEFIT Apollo Munich introduces a first of its kind, unique Restore benefit that automatically reinstates the basic sum insured in case you exhaust it

introducing OptimaSENIOR A health plan designed just for senior citizens So if you are 61 or above and have often worried about your health in future. It s time to lay those worries to rest. This wonderful

12 things to look before you buy Health Insurance One of the biggest problems an indian investor faces today is to pick a health insurance policy for his family. With so many Insurance companies, so many

Find your Health Insurance Fit With ICICI Lombard GIC, choosing a health insurance policy is not just a matter of saving tax at the end of the financial year. It is about finding a policy that actually

Complete Insurance For all your service requests e-mail us at customersupport@icicilombard.com Statutory Warning: Prohibition of Rebates(Under Section 41 of Insurance Act 1938). No person shall allow or

Standard Definitions of Terminology used in Health Insurance Policies PUBLISHED IN THE GUIDELINES ON STANDARDISATION IN HEALTH INSURANCE VIDE IRDA CIRCULAR NO: IRDA/HLT/CIR/036/02/2013 DATED 20.02.2013

BFSI Report Travel Are You Taking Precautions for Safe Travel? Travel insurance is increasingly on the international traveller s checklist. Imagine being in the dreamy meadows of Switzerland, only to wake

THERE S A BIG INSURANCE HIDING INSIDE A SMALL ONE. Firstly, you pay a nominal premium for the top-up that helps you cover higher medical spends. Secondly, when you retire (or even at the 6th policy anniversary),

INDIAN HEALTH INSURANCE SCENARIO by: Shri Jagendra Kumar, Corporate Head (Trg.), Shriram General Insurance, Jaipur. The Chairman of the Insurance Regulatory and Development Authority (IRDA) has said that

PROSPECTUS IOB HEALTHCARE PLUS INSURANCE POLICY We, at USGI always endeavor to bring the best of Insurance products and services to our esteemed customers. In order to cater to the needs of the customers

Star Shri Individual Care (UIN 129/128CP001V01) The concerns over health are on the rise. On one side, there are life-threatening ailments, on the other side, there are ever increasing medical expenses.

Health Insurance MODULE - 4 5 HEALTH INSURANCE 5.0 INTRODUCTION With the increasing cost of health services and medical bills which a common man can not afford, this class of insurance has a growing market.

THE NEW INDIA ASSURANCE CO. LTD., DUBAI - UAE HEALTH INSURANCE FOR NRI CHARTERED ACCOUNTANTS (MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA We welcome You as Our Customer. This document explains

Platinum PEACE OF MIND FROM AN EXPERT YOU CAN TRUST Heartbeat t Health Insurance Health Insurance Plan Plan Customer Guide Your family s health comes first We all aspire to provide the very best for our

Get cash when you need it the most my:jeevika Cash@hospital Micro Insurance Rural India is characterized by increased dependence on natural resources, and is prone to uncertain and erratic nature of income

Apollo Munich HEALTH PLAN For Citibank customers Points to Remember Apollo Munich Health Plan tailor made exclusively for the customers of Citibank to offer them coverages like never before. The Plan is

Health Insurance business is doing reasonably well but it is largely coming from pure Health Insurance companies or Non-Life companies and the Life companies seem to be struggling in this space. Discuss

SALIENT FEATURES OF THE POLICY UNITED INDIA INSURANCE COMPANY LIMITED REGISTERED & HEAD OFFICE: 24, WHITES ROAD, CHENNAI-600014 FAMILY MEDICARE POLICY - PROSPECTUS This policy covers all the members of

Comparative Performance of Health Insurance Business of Public and Private General Insurance Companies in India Amandeep Kaur Shahi University School of Business, Chandigarh University Gharuan, Punjab,

UNITED INDIA INSURANCE COMPANY LTD. DIVISIONAL OFFICE - 1 KALYANI NAGAR. PUNE - 411006. 1.1 The Policy can be availed by employers in respect of their employees persons who are in the age group of 3 months

1. Can a customer buy multiple policies of Rs. 2 lacs each? Yes, customer can buy multiple policies of 2 lacs each as per current underwriting policy. 2. If the account holder is an NRI, what is the procedure

FORMING PART AND PARCEL POLICY NO. 1. INSURANCE: 1.1 WHEREAS THE POLICYHOLDER designated in the Schedule hereto has by a Proposal and declaration dated as stated in the Schedule which shall be the basis

covering 37critical illnesses Lumpsum payout irrespective of actual cost of treatment. Benefits provided in addition to payouts under any other plan. Why you need it Key benefits Today we live in a fast

Chapter V Health Insurance Plans of Indian General Insurance Companies: A Comparative Study with Reference to Coverage and Non Coverage As far as the status of health insurance in Indian insurance market

What is Health Insurance? Health Insurance is protection against medical costs. A health insurance policy is a contract between an insurer and an individual /group in which the insurer agrees to provide

www.investacc.co.in Personal Health Insurance We take smarter care of your risk So you can take better care of your finances. Why Investacc? A partnership providing the expertise you need. The coverage

For Citibank customers only The unbelievable health plan Guan from China inflates balloons using just his ears. UNBELIEVABLE. A factory worker from Malaysia sticks metal objects magnetically to his body.

STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED PROSPECTUS STAR COMPREHENSIVE INSURANCE POLICY IRDA/NL-HLT/SHAI/P-H/V.III/398/14-15 The special feature of this policy is it offers Health Cover, Delivery

There s a big insurance hiding inside a small one. Optima plus What is unique about it Optima Plus is India s only Top-up Health plan with an option of converting into a full-fledged nil deductible Health

Cigna Supplemental Solutions Insured by Loyal American Life Insurance Company Flexible Choice CANCER and HEART ATTACK & STROKE Insurance Policies for TEXAS benefits to help you stay YOU lump sum BENEFITS

We at BizWorld recommend HealthFirst-Cover more for you and your family to cover all the unexpected medical expenses and tragedy that might occur unplanned or planned. With HealthFirst-Cover More at your

FREQUENTLY ASKED QUESTIONS 1. About JIO? JIO is a vibrant organization for total unity of Jains, to serve all living beings & bring all round progress. JIO intends to be the global organization of visionaries

Brochure More information from http://www.researchandmarkets.com/reports/1211154/ Booming Health Insurance in India Description: In the Indian non-life insurance industry, health insurance is the second

BY: DR A. MUTHUSAMY AND A. MEERA WINDS OF CHANGE MARK LIFE INSURANCE MARKET IN INDIA India is still an under-insured country and holds the 18th position in the life insurance market of the world. The life

DOUSE THE FIRE RUNAWAY HEALTH COST INFLATION IS HERE TO STAY. HOW TO ADAPT TO THE NEW NORMAL BY TEENA JAIN KAUSHAL It had been months that I was not keeping well, says New Delhi-based Mridula Gupta. It

MEDICAL INSURANCE COVER OF INDIAN SEAFARERS (RATINGS) A GUIDANCE NOTE We are please to intimate that the Medical insurance cover for Indian seafarer has been renewed for the 5 th consecutive year and many

Welcome to L&T Insurance In today s age of hectic work and busy schedules, we rarely have the time to take proper care of ourselves. And more often than not, our health takes a backseat. Though the negligence

For the Child s Benefit 14 Plans Compared As a parent or guardian, it is but your instinct to want to secure your ward s future and financial planning is a critical part of it. You want to make sure that

Medical BridgeBSMB 3000 Colonial s Medical BridgeBSMB 3000 insurance provides benefits to your employees to help pay for deductible and coinsurance costs, as well as everyday living expenses. And we pay

Welcome to L&T Insurance In today s age of hectic work and busy schedules, we rarely have the time to take proper care of ourselves. And more often than not, our health takes a backseat. Though the negligence

Key Information Sheet (LEGAL DISCLAIMER) NOTE: The information mentioned below is illustrative and not exhaustive. The information must be read in conjunction with the policy wordings. In case of any conflict

Welcome to L&T Insurance In today s age of hectic work and busy schedules, we rarely have the time to take proper care of ourselves. And more often than not, our health takes a backseat. Though the negligence

PROSPECTUS OF PRAVASI BHARTIYA BIMA YOJANA POLICY 1.0 This insurance scheme is available to all Indians Citizens between the age group of 18-60 years whilst stay abroad having valid visa for the purpose

This is only a summary. If you want more detail about your coverage and costs, you can get the complete terms in the policy or plan document at www.uhs.wisc.edu/ship or by calling 1-866-796-7899. Important

1 March 2006 Term Plans: A Comprehensive Research Report An individual suffers from the risk of dying early and the risk of living too long. A covers the risk of dying. A can also be used as a cover against

International Healthcare Plans Valid from 1 st November 2012 Table of Benefits Individual Policies Treatment Guarantee is required for all benefits indicated with a 1 or 2 in the following tables and may

Page 1 Health Insurance overview for customers. What does health insurance cover? 1. Treatment costs for illness that is covered under the terms and conditions of the insurance policy. 2. Treatment costs

INDIVIDUAL MEDICAL INSURANCE ABOUT JUBILEE Jubilee Insurance was incorporated on 3rd August 1937, in a small office in Mombasa and is one of the pioneers in the establishment of a local composite insurance

Important Questions This is only a summary. If you want more detail about your coverage and costs, you can get the complete terms in the policy or plan document at www.lineco.org or by calling 1-800-323-7268.

Cigna Supplemental Solutions Insured by Loyal American Life Insurance Company Flexible Choice CANCER and HEART ATTACK & STROKE Insurance Policies benefits to help you stay YOU lump sum BENEFITS from $5,000

Important Questions This is only a summary. If you want more detail about your coverage and costs, you can get the complete terms in the policy or plan document at www.lineco.org or by calling 1-800-323-7268.

Customer Information Sheet - Standard Plan The information mentioned below is illustrative and not exhaustive. Information must be read in conjunction with the product brochures and policy document. In

Customer Information Sheet - Standard Plan The information mentioned below is illustrative and not exhaustive. Information must be read in conjunction with the product brochures and policy document. In

Underwritten by: Companion Life Insurance Company Billing, Fulfillment, and Customer Service provided by: Agile Health Insurance The Companion Protect Short-Term Medical Plan is Available to all Med- Sense